Why Ethereum Price Didn’t Surge Despite ETF Launch
The post Why Ethereum Price Didn’t Surge Despite ETF Launch appeared on BitcoinEthereumNews.com.
Ethereum’s price trajectory faced unexpected stagnation despite the anticipation surrounding Ethereum ETFs. Shibarium is nearing a significant milestone but SHIB’s price continues to decline. Binance announces plans to delist several trading pairs, impacting MATIC, AVAX, and VOXEL. Discover the reasons behind Ethereum’s muted response to ETF launches, Shibarium’s landmark progress amid SHIB price drops, and Binance’s latest delisting move. Ethereum’s Price Unmoved by ETF Launch Despite widespread enthusiasm, Ethereum’s price fell short of bullish predictions following the launch of its ETFs. The cryptocurrency depreciated by 7.78% over the past day, standing at $3,157. The primary reasons include a classic ‘buy-the-rumor, sell-the-news’ scenario where early investors offload their holdings for quick gains. Additionally, while institutional interest spiked, the absence of fresh retail investors has kept the rally in check. Hence, any lasting upward movement in Ethereum’s price requires a blend of institutional and retail investor participation. Market Dynamics at Play Several factors contributed to Ethereum’s performance. There was significant speculation-driven buying prior to the ETF launch, resulting in a ‘sell-the-news’ phase. While institutions took notice, the lack of new retail participants prevented a sustained price rally. The balance between these two investor groups is crucial for maintaining bullish momentum in the market. Key Milestone for Shibarium Amid SHIB Price Decline Shibarium is on the verge of a major achievement, with its total block count nearing 6,000,000. Despite the promising developments, Shiba Inu’s price tells a different story, suffering a 5.95% drop over the last 24 hours to trade at $0.00001626. The milestone reflects robust development since Shibarium’s launch last August, although contrary price trends suggest other underlying market pressures. Shiba Inu’s Price Trajectory Despite the network’s progress, SHIB’s price decline highlights the complex market dynamics that meme tokens face. Various external factors, including broader market sentiment and investor behavior, influence price…
Filed under: News - @ July 26, 2024 10:16 pm